Increases in 2023 in the areas of on-course betting, commercial sponsorship and a 7% increase in the value of bloodstock sales at public auction when compared to last year, point to a solid 2023 for the horse racing and breeding industry in Ireland.
Full-year statistics, released today by Horse Racing Ireland (HRI), show increases in a number of key areas, including the numbers of horses-in-training, although the returns do show that reported racecourse attendances are marginally down on 2022, with minor reductions also recorded in the number of entries and the total number of owners, figures that might have been expected with the cost of living crisis prevailing throughout the year.
Total on-course betting, including Tote, rose to €80.5m in 2023, an increase of 5.9%. Bookmaker betting on-course increased by the same percentage to €69.8m, a figure comprising €59.9m, up 5.1%, in the betting ring and a turnover of €9.9m in the on-course SP shops, up 11.2% on the previous year.
Total Tote betting, incorporating the World Pool meetings at the Curragh on Dubai Duty Free Irish Derby Day in early July and the opening day of the Irish Champions Festival at Leopardstown in September, has risen by 9.6% to €78m. Betting on-course with Tote is up by 5.6% to €10.7m. Off-course betting receipts amounted to €102.6m, a slight increase on last year’s figure of €102m.
There is also a very welcome rise in the figures relating to commercial sponsorship. That figure rose by 8.8% to €6.3m with EBF sponsorship coming in at €2.67m, up 3.1% on last year. Bloodstock sales at public auction increased by 7.5% to €231.5m, the value of Irish-foaled export horses sold through auction is €333.7m while the number of countries to which Irish-foaled horses were sold at auction was 33.
While the total number of owners fell by 1.2% to 4,698, the number of syndicates has risen by 4% to 858.
The number of companies registered as owners in Ireland is up 3.3% to 158. The number of new owners is down by 1.6% to 805 but encouragingly, the owner retention rate has risen to 73.7%, up 1.2% on last year. Both the UK and the USA were deemed as key areas of focus for our Ownership Department and it is significant that the ownership base has risen in both countries, with a total of 357 UK-based owners, an increase of 7.5%, and 107 owners resident in the USA, up from 90 last year. The 2023 economic impact report, carried out on behalf of HRI by Deloitte, shows that Irish racing and breeding attracts over €550m in foreign direct investment each year.
The total number of horses-in-training is up 2.3% to 10,444.
Prize money rose by 2.1% to €68.12m while there was an increase of almost 41% to Stg£16.74m in the prize money won by Irish-trained horses in Britain, with €10.39m won by our horses in the rest of the world, up almost 31% on the previous year.
Suzanne Eade, CEO of Horse Racing Ireland, said:
“These figures more than demonstrate that the Irish racing and breeding industry remains in a strong position despite recent challenges and the cost-of-living crisis that now extends into its third year.
“Each has posed a particular threat and yet, with the support of Government and the industry’s continued ability to attract foreign direct investment, the figures continue to hold up. A rise in the owner retention rate and in the number of horses-in-training point to a healthy product and will drive employment within the sector.
“Reported attendances in 2023 fell back by just under 1% to 1.236m. However, it was hugely encouraging that attendances at the major festivals were strong throughout the year.”
